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FTM Price Analysis: Fantom (FTM) Token Skyrockets into New Highs, Weekly Chart Hints Bearish Divergence

coingape.com 08 October 2021 22:48, UTC
Reading time: ~2 m

In the DeFi and Yield Farming ecosystem, Yearn Finance now adds support for the Fantom Network, owing to its low cost and speed. Yearn Finance, which started as an automated Yield aggregator that offers users the highest yields for their assets on the Ethereum ecosystem, now offers multichain support with the Fantom ecosystem as a major milestone. 

By switching their network from Ethereum to Fantom on the Web3 wallet, users can start interacting with the four Fantom-based Vaults on Yearn, which include: USD Coin, Fantom, DAI, and the Magic Internet Money [MIM] stablecoin.

In addition to the Yearn Vaults, the joint Iron Bank venture between Yearn and C.R.E.A.M a lending and borrowing platform also launces on Fantom. Insights from FTM Scan reveal a growing number of unique addresses from 1,500 in April to 854,284 at the time of this report. 

 As popular DeFi applications such as Curve Finance, Yearn Finance, Sushiswap, and Ren join the Fantom Network, analysts speculate on new gains for the FTM token. Let’s dive into the price charts of the FTMUSDT, starting from the weekly overview, and wrap things up on the 4HR time frame.

Fantom (FTM) Weekly Chart Analysis

This week the Fantom (FTM) price sets a new all-time high at 2.4410, after a sudden price surge above the 1.940 resistance. An earlier breakout of the bearish divergence trend line on the RSI sent the price of the FTMUSDT into a bullish trajectory by roughly 551% from the breakout point.

Fantom (FTM) Daily Chart Analysis

Looking at the daily time frame, the RSI[4] fired up the uptrend after breaching level-75, and it has not reached level-25 ever since the breakout on 31 July ’21. Massive demand for the FTM token forced the FTMUSDT above the 1.94 resistance and we expect a further hike in the FTMUSDT as the crypto pair enters price discovery.

Fantom (FTM) 4HR Chart Analysis

A sudden price burst above the 1.524 resistance drew in more buying power for the FTM token as the price enters overbought territory on the 4HR time frame.

We anticipate a price pull-back from the current highs and look to resume the upbeat campaign if the RSI drops below level-75.

Although the upward momentum could still persist on the intraday levels, traders are urged to watch out for an impending bearish divergence on the weekly time frame.

Fantom (FTM) Intraday Levels

  • Spot rate: 2.260
  • Mid–Term Trend [H4]: Bullish
  • Volatility: High
  • Support: $1.5240 and $1.2876
  • Resistance: $2.441

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